Many small businesses are started by people who have spent years mastering their craft. Others discover a gap in the market while working in the industry, identifying a great opportunity to build a brand or business to fill the gap in the market. For those with a passion for the industry and the desire to take control of their future, starting a small business can be an attractive proposition. According to the ABS, there are over 600,000 small businesses (under 20 employees) in Victoria. However, not all who start a small business will get beyond the first two years. This is why, as a start-up, being prepared for the long game is what will prime you for success.  

There’s much to organise when setting up a small business, so ensuring that you select your business partners from the start can save you a lot of time, money, and stress. Completing a business plan is a great first step in organising your thoughts or ideas and gaining a solid understanding of whether your business is going to be viable. A formal document such as a business plan can then be shared with business partners so that they, in turn, have an equal understanding of your business goals and objectives. If you need financing or a bank loan for your business while in the start-up phase, they will request to see a copy of your business plan.

Having a small business is both challenging and rewarding, and you will need grit, determination, and a drive to succeed. You will undoubtedly learn a lot about yourself and be required to wear many hats, especially in the early stages of your business. Funds may be tight, so being resourceful is yet another skill you will need to tap into or further develop. Outsourcing is a great way to manage funds in the early stage of business, hiring the skills and expertise as and when you need it. As you grow your business, you may be able to employ an apprentice or graduate who can help with some of the administrative and repetitive tasks. Of course, while this can be a great help in terms of offloading and delegating tasks, these employees will often need to be managed, as they may not have the necessary expertise to make important decisions. 

In running your business, you will be constantly learning new skills, all of which are part of the journey in the start-up and early phase of business. Your business will evolve and change rapidly as you adapt to the market and come to know your customers better. This will provide you with a long-term foundation and many business-related benefits. Meanwhile, outsourcing skilled consultants will save you time, money, and stress, and ensure that you’re supported during the process.

We recommend surrounding yourself with people who support your dream and can offer specialist advice, celebrate your wins, and provide a much-needed hug when you’ve had a bad day. Your business partners and support team might include a business mentor, accountant, marketing consultant, family members, close friends, and yes, just as importantly, even your family pet. All are important resources that you’ll need while establishing your business and the customers who will provide it with ongoing revenue.  

What is a Small Business Mentor?

A small business mentor is someone that can provide support and guidance to small businesses. The mentor will have areas of expertise and be able to provide general advice and resources on all areas of small business. The best Small Business Mentors will have owned their own Small Business, they will know the challenges that you deal with and be able to advise you on how to navigate and overcome issues that may arise. The benefits of having a small business mentor are that they are a trusted partner in your business and you can discuss things with then that you may not be able to discuss with others. Meetings are confidential and there is a professional indemnity agreement in place that assures you as a small business owner are protected and can feel assured that sensitive information is not going to be disclosed to anyone without your prior consent. Flo Digitals area of expertise is Sales, Marketing & Operations and can help with elevating brand, increasing awareness, business growth and efficiency. If you would like to know more about our Small Business Mentoring click below.